subject: Obama's Federal Loan Modification Provides Help To Homeowners [print this page] Millions of homeowners facing foreclosure are being rescued through Obama's Federal Loan Modification. Part of the Federal Stimulus Package, this program provides assistance by modifying existing mortgages and providing a lower monthly payment. The program has been funded with 75 billion dollars.
Who will benefit? What qualifications does one need to apply?
Your home must be your primary residence.
The original loan on this home must have been signed officially on or before January 1, 2009.
The loan amount must not exceed $729,750.
Your lender must be an approved lender with the Federal Government.
You must be currently trying to pay a house payment that is more than 31% of your current gross monthly income. This payment figure includes property taxes, homeowner's insurance, and any homeowner association dues required of you.
You must be in a financial hardship due to circumstances or events beyond your control. Your bills have increased or your income has decreased.
You also must be able to provide proof that you can comfortably and reliably pay the new mortgage payment and that you are committed to do so.
All of your application must be verified by the appropriate paperwork. You can only apply for Obama's Federal Loan Modification once, so it needs to be completed correctly. Most experts advise that it is important to study the qualifications and requirements and finish filling out your paperwork before contacting your lender. There are small details that you could overlook and cause your application packet to be turned down or set aside and delayed.
If you qualify, you will receive a house payment that is below 31% of your gross monthly income. This could be achieved through a variety of methods, including any or all of the following: reduced interest, lengthened loan term, waived late fees, or even forgiven principal! If you are struggling with your monthly payments or even facing the very real threat of foreclosure, don't delay. Obama's Federal Loan Modification is only until December 31, 2012.
by: Bruce E. Nelson
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